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As prenuptial agreements become more and more popular, many married people may be thinking that they wish they could have a prenup. But it’s not too late; a prenuptial agreement created after a couple is married is called a postnuptial agreement, but is, essentially, the same as a prenup.

People who choose to enter into a postnuptial or postmarital agreement do so for many reasons. One reason is if one spouse creates a business, the business partners may ask the spouse to sign and agree not to make a claim on the business should the other pass away or if they become separated. This will prevent a fight over the company from occurring if the couple divorces, and prevent a fight between the business partners and spouse if the spouse who took part in the business passes away.

Spouses may also choose to sign a postnuptial agreement if they have separate properties, which they use to buy a joint property. The agreement will ensure that the spouse with the separate property will still get the same benefits that he or she would have if the properties had stayed separate rather than purchasing joint property.

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According to Reuters and published in the Chicago Tribune, "if you’re divorced, it’s possible to claim Social Security spousal and survivor benefits from your ex." This strategy, according to Reuters, can up the ante when it comes to your benefits, and have you set for the years of retirement to come. With many divorcees nearing the retirement age (a different Tribune article reports that the divorce rate for people over the age of 50 has doubled between 1990 and 2010, meaning that there are a whole new slew of divorcees about to hit retirement this decade), knowing just what your rights are when it comes to Social Security is increasingly important.

According to Reuters, one woman "saw her monthly benefit rise to $2,200 form the $900 she’d anticipated" when she found out about Social Security spousal rules. The rule holds true whether your ex is alive or not—and can often "be the difference between living in poverty and a much more comfortable retirement," according to Reuters.

In 2011, according to the Social Security Administration and reported by Reuters and the Chicago Tribune, just under 7 percent of all persons receiving Social Security benefits were divorced, and "10.4 percent receiving survivor benefits were divorced." Once the divorce is over, especially if it’s some years before benefits would kick in, many people forget or don’t know that they have a claim to any Social Security benefits from their ex-spouse.

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The issue with any fight is that there isn&t always a clear end or a clear winner.  While divorce doesn&t have to be a battle, going to court may create one.  The following is things you may expect if you decide to forgo mediation and decide on carrying out a lawsuit to gain dissolution to your marriage.

The first thing you can expect is for a litigious divorce to take a while.  There is no arbitrary time limit that dictates how long a divorce can be in court.  It can take anywhere from months to years to differing degrees of annoyance.

The second is that the litigation may end up being quite costly.  Lawyer fees will generally mount as couples find it impossible to agree on topics like child custody or financial support.  This goes hand in hand with the lengthy process of litigating a divorce.

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LucyIllinois is an equitable distribution state, which means that marital property will not necessarily be divided equally, but it will be divided fairly. In the instance of property distribution, all property that either spouse gains during the marriage is included in marital property. This property will be divided without considering marital misconduct of either spouse, although these factors will be considered:

  • The duration of the marriage
  • The contribution of each spouse to the marriage, including property, the family unit, and being a homemaker
  • The indulgence of the shared and individual property of each spouse
  • The value of property that has been assigned to each spouse
  • Whether the property will be addition or included along with maintenance
  • The age, health, vocational skills, liabilities, occupation, estate, amount and source of income, station and needs of each spouse
  • Custodial arrangements of the children
  • Post-nuptial agreements
  • Obligations and rights that may arise due to prior marriages of either spouse
  • Any relevant economic circumstances that may affect property such as the desirability of keeping the family home and having custody of the children
  • The tax consequences that may occur due to the division of any properties for either spouse

Non-marital property includes:

  • Anything acquired by either spouse by gift, descent or legacy
  • Anything acquired by exchange for property before the marriage or after the marriage began, but in exchange for property that was acquired by gift, descent or legacy
  • Property acquired by either spouse after a legal separation judgment
  • Any property acquired before the marriage
  • Any property that has been excluded by both spouses with a valid agreement

If you are going through a divorce or soon will be, contact a divorce attorney for assistance with your property distribution. A. Traub & Associates can assist you in Lombard, Ill. today.

Starting a business is a very arduous task.  For a long time, there is no end to the struggles to bring services or goods to consumers and finding your marketplace.  Time and resources are spent to make a business a success and a divorce can tear it asunder.

A marriage is a contractual agreement that states that each spouse is entitled to jointly gained assets.  This is essentially the difference between separate property and marital property.  In some cases, a spouse can expect nearly half of a business after a divorce as determined by length of marriage, involvement in the business, and the spouse’s earning potential after a divorce.

If either spouse has spent their time creating a valuable asset such as a business, it is essential to know how to protect it, most likely through a prenuptial agreement or other business agreements.  A prenuptial agreement serves as an outline of the outcome of an unforeseen dissolution.  It will delineate the property and asset distribution and also for the protection of a business.  But like most contracts it needs to meet certain criteria to be considered valid by the divorce court.

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Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
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